I’ve got a few exciting things to share with you today. First, let’s talk about the San Diego real estate market. The Case-Shiller Index, which is the gold standard as far as real estate reporting is concerned, is trending upward, although at a much slower pace than it has been moving. Appreciation here in San Diego was up just 1.3% this year after increasing by over 6.9% in the previous year.
The median home price continues to rise and is up to $649,000. However, homes are staying on the market longer and 21% of the homes on the market right now have seen price reductions. Interest rates are back down to 3.8%, which is helping keep things moving along in the market. We typically see a bump up in activity after Labor Day, but I expect more of the same for the rest of the year.
The other important thing I wanted to talk to you about was our upcoming event on Thursday, September 12. It’s an informational happy hour that goes from 6 p.m. to 7 p.m. where we’ll talk about accessory dwelling units. There have been a lot of changes in the past year with this kind of property and the city is really pushing them to promote increased density here in San Diego.
If you have a regular single-family zoned house, you can now build a second property up to 1,200 sq ft. There are a few guidelines you have to abide by, but we’ll have Susan Fefferman of maxablespace.com to talk to us about these issues and some financing strategies to consider. You can RSVP to the event here.
If you have any questions for me in the meantime about the market or about the event, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.